CEOs of top private banks and wealth managers report gross revenue and profit increases are not expected to meet the double-digit growth expectations set in 2000.
According to the 2002 North American Private Banking/Wealth Management Survey by Pricewaterhouse- Coopers (PwC), slower growth and shrinking profit margins will limit industry expansion over the short-term to 7% a year, with a modest 10% annual growth rate predicted by 2004.
These numbers pale in comparison to the projected five-year
- Brexit novations ‘on hold’ to gain reg relief
- Banks hope final FRTB rules will ease NMRF burden
- Functional programming reaches for stardom in finance
- People moves: Bank of America names new Apac chiefs, Wilkinson leaves LGIM, Lloyds loses Coutte, and more
- Mifid data publishers drag feet on Esma guidelines